Wednesday, May 31, 2017

Hanley Investment Group Arranges Sale of Single-Tenant NNN Walgreens in Oceanside, CA for $7.4 Million

Walgreens Oceanside
Kevin Fryman
OCEANSIDE, CA. - Hanley Investment Group Real Estate Advisors, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, arranged the sale of a single-tenant absolute net-lease Walgreens property located in north San Diego County at 3507 Cannon Road in Oceanside, Calif. 

The purchase price was $7.4 million, which represented a cap rate of 5.0 percent. 

Hanley Investment Group Executive Vice President Kevin Fryman, along with Ed Hanley, president of Hanley Investment Group, represented the seller, a private investor based in Beverly Hills, Calif. The buyer, a private investor from Northridge, Calif., was represented by Jason Flashman/Flashman Investment Group of Peak Commercial of Los Angeles.

“Investor interest in single-tenant retail buildings is still very strong, especially ‘daily needs’ driven type of retailers like drug stores,” said Fryman. “Daily needs and service-oriented retailers are thought to be more internet-resistant and can drive foot traffic to other shops in the shopping center.”

Ed Hanley
The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long-term leases,” added Hanley. Walgreens has a Standard & Poor’s rating of BBB.

Built in 2007, the 14,380-square-foot freestanding building with a drive-thru is located on a 1.64-acre pad within a former Ralphs-anchored shopping center that includes national tenants such as McDonald's, AutoZone and Pizza Hut. 

There are more than 15 years remaining on the Walgreens primary lease with ten five-year renewal option periods.

Walgreens has a 10-year history at this location and benefits from the strong demographics in the area and close proximity to two regional hospitals, a large retirement community and convenient freeway access, Fryman notes. “Over 42,000 cars per day travel through the signalized intersection of Cannon Road and Melrose Drive. Melrose Drive is a major north/south thoroughfare in the city of Oceanside.”

Fryman adds, “More than 280,000 people live within a five-mile radius of the property and have an average household income of over $79,000 within a one-mile radius.” 

Two regional hospitals are located less than five miles from Walgreens, Tri-City Medical Center and Scripps Coastal Medical Center. Walgreens is also near Ocean Hills Country Club, an active senior retirement community with over 1,600 homes.

Jason Flashman
“This transaction is another great example of the high demand for well-located single-tenant investments, specifically for credit retailers like Walgreens with a corporate guaranteed lease with investment grade credit,” said Fryman. 

“The absolute triple-net (NNN) lease offers zero landlord responsibilities since the tenant is responsible for the costs of real estate taxes, property insurance, and maintenance in addition to rent.”

“There has only been one other Walgreens that has traded hands in San Diego County in the last 12 months,” said Hanley. “According to CoStar, only eight Walgreens with more than 10 years remaining on their initial lease have sold in California in the last 12 months for an average cap rate of 5.35 percent compared to 13 transactions in the 12 months prior to that for an average cap rate of 5.03 percent.”

“With continued volatility in investments such as stock and bonds, investors are looking to high-quality single-tenant retail assets that require little to no maintenance,” said Hanley. “A single-tenant investment such as Walgreens provides long-term cash flow, with relatively low risk. As investors continue to look for security, we expect that the demand for these high-quality single-tenant investments will remain strong through 2017.”

For a complete copy of the company’s news release, please contact:

Anne Monaghan

HFF closes $12.175 million sale of Tiffany Square in Colorado Springs, CO

Tiffany Square Office Building, 6805 Corporate Drive, Colorado Springs. CO

Jules Sherwood
 DENVER, CO , May 31, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $12.175 million sale of Tiffany Square, a 184,219-square-foot office building in Colorado Springs, Colorado.

HFF marketed the property on behalf of the seller, a real estate investment trust, and procured the buyer, U-Haul Amerco Real Estate Company. 

Tiffany Square is located at 6805 Corporate Drive just off Interstate 25 in the Northwest submarket of Colorado Springs. 

The property has a large amenity base, including close proximity to Downtown Colorado Springs, the University of Colorado at Colorado Springs, Denver Tech Center and University Village Colorado, which is an 80-acre master-planned retail center.

  The two-story property is 74.6 percent leased to five tenants and also includes a 6.26-acre surface parking lot that is zoned for industrial development. 

The HFF investment sales team representing the seller was led by managing director Jules Sherwood.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Shopoff Realty Investments Acquires 2.8-Acre Site to be Entitled for 60 Apartment Units Near Los Angeles, CA

William Shopoff
LOS ANGELES, CA, May 31, 2017 – Shopoff Realty Investments, a national manager of opportunistic and value-add real estate investments, announced today that it has acquired a 2.8-acre prime infill site in the Los Angeles suburb of Whittier, California. 

The company intends to entitle the property to allow for the development of a 60-unit apartment project.

An operational car wash is currently located on the site, which was acquired by a joint venture between Shopoff Realty Investments and Clearwater Communities for $5.5 million.

“There is an extremely limited supply of new housing in Greater Los Angeles, which makes this a significant development opportunity,” said Shopoff Realty Investments CEO William Shopoff. 

“Additionally, demand for new housing is high as the vacancy rate in this market has been tremendously low in recent years, averaging fewer than 40 new units annually.”

The site is located within two blocks of Presbyterian Hospital, which employs more than 2,600 healthcare professionals and support staff, providing further demand for housing.

“We’re eager to expand our geographic footprint to this municipality and look forward to the prospect it presents,” said John Santry, executive vice president of Shopoff Realty Investments’ Land Division. “The Whittier area’s lack of housing and strong demographics make it an especially attractive value-add opportunity, and a win-win for Shopoff and the local community.”

The acquisition presents a rare opportunity to acquire a value-add entitlement development in Los Angeles County within the multifamily sector. 

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

MVP REIT and MVP REIT II Announce Definitive Merger Agreement

Mike Shustek
LAS VEGAS, NV (May 30, 2017) – MVP REIT, Inc. and MVP REIT II, Inc. announced today that they have entered into a definitive merger agreement, pursuant to which MVP I will merge with and into a wholly-owned merger subsidiary of MVP II with the merger subsidiary continuing as the surviving entity.

The merger agreement was negotiated on behalf of MVP I by an independent special committee of MVP I’s board of directors and on behalf of MVP II by an independent special committee of MVP II’s board of directors. 

Each of the special committees recommended approval of the merger agreement to their respective boards of directors, each of which subsequently approved entry into the merger agreement.

“The MVP REITs are unique in that they invest solely in parking structures and facilities around the country, a compelling asset class that we believe provides us and our stockholders with tremendous upside opportunities,” said Mike Shustek, chairman and chief executive officer of MVP I, and president, chief executive officer and chairman of the board of MVP II.

“We believe that the merger of MVP REIT and MVP REIT II will create a company greater than the sum of its parts, and create greater opportunities for us to unlock greater value for our stockholders.” 

For a complete copy of the company’s news release, please contact:

Julie Leber
Spotlight Marketing Communications
949.427.5172, ext. 703

Meta Housing Corp. Completes $32 Million Arts-Focused Affordable Apartment Community in Glendale, CA

Kasey Burke
GLENDALE, CA, (May 30, 2017) – Meta Housing Corporation has completed ACE/121, a 70-unit affordable apartment community for artists and their families in Glendale, California.

The new apartment community integrates a variety of art amenities and was developed in partnership with the City of Glendale, the YMCA of Glendale and Western Community Housing, Inc.

“This project will support the ongoing revitalization of the region and serve as a catalyst for a designated Art & Entertainment district in Glendale,” says Kasey Burke, President of Meta Housing.

“In many cases, defining an Arts District can lead to gentrification and rent increases that drive artists out. However, the City of Glendale sought out a partner that could deliver a unique artistic experience while preserving affordability, which is exactly what we provided.”

ACE/121 is Meta Housing’s fifth Arts Colony project in Los Angeles, and its second to be open to non-senior residents.

Charmaine Atherton

            “We first began integrating the arts into our senior apartment communities,” he says.  

“We found that in doing so we could create environments that encourage creativity, collaboration, and engagement among residents. 

"This concept has since expanded into our other projects and serves as a catalyst for community development, connecting residents and the surrounding communities through art.”

Constructed on a 54,000 square-foot YMCA-owned site, the five-story ACE/121 apartment community incorporates an 800 square-foot professional-caliber art gallery, a visual arts room, a makerspace, two music rooms, and a dance studio, among many other amenities.

Chris Maffris, Senior Vice President at Meta Housing explains, “In addition to long-term affordable housing, artists need spaces for exhibition, collaboration, and creation, and tools for production. ACE/121 provides these. The art spaces belong to the tenants. The gallery is the tenants’ art collective. We’re very excited to see what this Civitas (a tenant-coined name for the gallery) produces.”

Financing for the project was provided by the City of Glendale Housing Authority, which provided $6.1 million, as well as Greystone & Co., and Bank of America, who served as the tax credit equity investor.

Charmaine Atherton, Senior Vice President, Community Development Banking at Bank of America Merrill Lynch says, “This is our 13th of 15 projects in partnership with Meta Housing, and we continue to find significant value in our work together. Bank of America Merrill Lynch is committed to investments that deliver deep social benefits to communities at large. 

"By seamlessly integrating the arts into this state-of-the-art development, we are able to support a burgeoning arts community and ensure that residents enjoy access to much-needed high-quality affordable housing.”

ACE/121 is located at 121 N. Kenwood Street in Glendale, California, and marks the 18th affordable housing project the City of Glendale has sponsored in the last 12 years. It is comprised of affordable one-, two-, and three-bedroom floor plans. In addition to its arts amenities, the apartment community also features a computer lab, tutoring area, and a tot lot.

The community was designed by the architects at Studio One Eleven of Long Beach, California. Non-profit organization EngAGE will serve as arts and programming service coordinator for the project.
For a complete copy of the company’s news release, please contact:

Miki (Conant) Akil /Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

Hospitality Asset Managers Association (“HAMA”) Hosts 2017 Global Summit in Dubai

 PICTURED:  From left--Theodor Kubak (HAMA Europe, president; Union Investment Real Estate, principal), Rene Beil (HAMA MEA, president; Beaufort Global Partners, managing director), Melissa Silvers (HAMA USA, president; SCS Advisors, principal) and Tasos Kousloglou (HAMA Asia Pacific, president; EVP - Asset Management, JLL Hotels & Hospitality, EVP of asset management)

                ATLANTA, Ga., May 31, 2017—Officials of the Hospitality Asset Managers Association (“HAMA”) today announced the successful conclusion of its third-annual 2017 Global Summit hosted in Dubai at the Jumeirah Emirates Tower. 

The presidents of the U.S., MEA, European and Asia Pacific chapters all were in attendance and met with Mauricio Ventura, the Costa Rican minister of tourism.

                “With hotel development remaining very active throughout the world, owners who wish to maximize their investments increasingly are realizing that asset management is a pivotal piece of the profitability puzzle,” said Melissa Silvers, president, HAMA U.S.A. chapter. 

Melissa Silvers
“HAMA has grown into a worldwide platform for asset managers to share best practices and educate themselves surrounded by their peers.   

"Our Certified Hotel Asset Management (CHAM) designation has become a highly sought after recognition that allows owners to find and retain the best asset managers in the business.

“his gathering allowed us to create a roadmap for our organization over the coming years, and we are confident that as we grow, the practice of asset management will grow in prominence in tandem with us.”

                The next meeting will take place in the Asian Pacific during Spring 2018, and the 2019 summit is scheduled to take place in China.

HAMA members are involved in asset management, acquisition, financing and disposition of hotels and resorts and are directly responsible for making decisions concerning capital investments, renovations, asset repositioning, operational policies and management selection. 

 Its U.S. members represent more than 3,500 hotels and resorts across every major brand, accounting for 775,000 hotel rooms, 250,000 employees, $40 billion in annual revenue and $3 billion in capital expenditures.

For a complete copy of the company’s news release, please contact:

620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553

HFF arranges $239 million for development of Four Seasons Private Residences in Los Angeles

Rendering of Planned $239 Million Four Seasons Private Residences Los Angeles,
Los Angeles, CA

Doug Bond
LOS ANGELES, CA, May 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $239 million in financing for the construction of the Four Seasons Private Residences Los Angeles, a 59-unit, luxury, residential project that has begun construction in Los Angeles, California.

HFF worked on behalf of the developer, a partnership between Alcion Ventures and Genton Property Group (GPG), to place the three-year construction loan through funds managed by The Children’s Investment Fund Management Limited. Construction is expected to be completed in mid-2019.

“In an environment where construction financing is currently difficult to obtain, we are very excited to have capitalized the development of the Four Seasons Private Residences Los Angeles,” said senior managing director Doug Bond.  “The superior sponsorship, iconic branding and curated design of this unique development attracted a best-in-class lender to the project.”

The Four Seasons Private Residences will be situated across from the Four Seasons Los Angeles at Beverly Hills near the intersection of Third Street and Wetherly Drive. The property’s centralized location provides access to nearby Cedars-Sinai Hospital, the Beverly Hills “Golden Triangle” and the North Robertson Boulevard shopping district. The 12-story, LEED-certified tower will comprise 59 custom for-sale homes with interiors inspired by California Modern master Richard Neutra.

Jonathan Genton
“This project will define luxury living in Los Angeles, and it was critically important to our investors and international pool of buyers that we eliminated every potential obstacle before beginning primary construction,” said GPG founding partner Jonathan Genton. “This funding ensures the Four Seasons Private Residences Los Angeles will meet its full potential as one of the region’s most sought-after properties.”

The building, which is designed by architecture firm CallisonRTKL, will offer a variety of floorplans with luxury features and amenities, including floor-to-ceiling, retractable glass walls; open-concept indoor/outdoor living and dining spaces; professional-grade gourmet kitchens; spa bathrooms with soaking tubs, separate glass-walled showers and dual-sink, marble-topped vanities; rooftop gardens; and stunning views of area landmarks, from the Hollywood Hills to the downtown skyline.

Dan Cashdan

Property features include a heated outdoor lap pool and poolside cabanas; state-of-the-art fitness center equipped with spin, cardio and weight equipment as well as private training and yoga rooms; private spa treatment rooms; IMAX theater for private movie screenings and sporting events; game room; library; and entertaining kitchen and bar.

Managed by the Four Seasons, the private residences will have hotel-inspired amenities with an executive chef, concierge, in-residence dining and spa treatments in addition to a variety of services, including housekeeping, butler service and in-residence personal chefs.

The HFF debt placement team representing the borrower was led by senior managing directors Doug Bond and Dan Cashdan as well as managing director Mark Wintner.

“We are honored to have represented Alcion Ventures and GPG in capitalizing what will become the premier residential tower in Los Angeles,” Cashdan added.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Specialist
HFF | 9 Greenway Plaza, Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 |

Tuesday, May 30, 2017

Evergreen Real Estate Group Celebrates Grand Opening of Grandbrier of Prospect Heights in Prospect Heights, IL

Grandbrier of Prospect Heights Independent Assisted Living and Memory Care Community, Prospect Heights, IL

CHICAGO, IL (May 30, 2017) – Evergreen Real Estate Group, together with Pathway Senior Living, recently celebrated the grand opening of Grandbrier of Prospect Heights, a 101-unit independent, assisted living and memory care community in Prospect Heights, Ill.

 Prospect Heights Mayor Nicholas "Nick" Helmer was among the honored guests at the grand opening celebration, held on May 10. 

Diane Reier

The mayor joined Steve Rappin, president of Evergreen Real Estate Group; Diane Reier, lifestyle specialist at Grandbrier; and other area civic and business leaders for a ribbon-cutting ceremony to commemorate the opening.

During the event, guests enjoyed guided tours of the property and had the opportunity to speak with Grandbrier team members about the community’s residences and service offerings. Live music by the Paris Swing band played in the background while guests mingled and enjoyed appetizers, wine and other refreshments.

Steve Rappin
“It was really an exciting and grand event,” said Helmer. “Grandbrier of Prospect Heights is a beautiful community that will provide local area seniors and their loved ones with one of the finest assisted living and memory care facilities in the area.”

Located at 708 N. Elmhurst Road, Grandbrier of Prospect Heights includes a three-story, 69-unit independent and assisted living facility, as well as a single-story, 32-unit building for residents requiring memory care services.

Independent and assisted living residents can choose from spacious one- and two-bedroom floor plans, all of which include in-unit laundry and eat-in kitchens with large islands. Optional services will be available for residents requiring assistance with daily living activities.

“The opening of Grandbrier supports the city of Prospect Heights' commitment to caring for its growing senior population by offering a variety of housing options in a single state-of-the-art facility,” said Rappin. “This full spectrum of care allows seniors to comfortably age in place while receiving essential services and enjoying a vibrant, social atmosphere.”

Shared independent and assisted living amenities include indoor and outdoor dining venues; an outdoor living room with fireplace and grill; resident gardens; an on-site theater; library with technology center; chapel; salon and spa; and demonstration kitchen for chef presentations and resident cooking classes. Residents will also have access to a wellness suite, complete with physician offices and a therapy gym.
Mayor Nicholas J. Helmer
The memory care building offers a safe and secure environment with common areas including indoor/outdoor gardens, an outdoor walking courtyard and indoor circular walkways. It includes three residential wings, each with a cluster of private bedrooms surrounding a shared living room, family room, residential-style kitchen and dining room.

Grandbrier’s memory care residents also benefit from A Knew Day Memory Care, a groundbreaking program that has been proven to rehabilitate the brain through a process called rementia.

“Grandbrier was intentionally and thoughtfully designed to support the needs of both residents and their family members,” said Rappin. “With inviting common areas and residences that truly feel like home, Grandbrier provides a supportive environment where seniors can thrive.”

For a complete copy of the company’s news release, please contact:

Kelly Shumaker,, (312) 267-4519
Abe Tekippe,, (312) 267-4528

$79 million sale of 50 Congress Street in Boston closed by HFF

50 Congress Street, Lobby, Downtown Boston, MA

BOSTON, MA, May 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $79 million sale of 50 Congress Street, a 179,872-square-foot office building occupying an entire city block in the heart of Boston’s bustling downtown.

Lauren O'Neil

HFF arranged the sale of the property on behalf of the seller, an affiliate of KBS Capital Advisors, and procured the buyer, a joint venture arranged between Jumbo Capital Management and Guggenheim Real Estate.

Coleman Benedict
Originally designed by renowned architect Andrews, Jaques & Rantoul as the headquarters for State Mutual Life Insurance, the building was constructed in two phases between 1910 and 1915.  

Today, it is 90 percent leased to over 60 tenants and features a vibrant first-floor retail component.  The tenant roster includes a mix of law firm, retail, private equity and financial services tenants, with 20 percent of the tenants having been in occupancy for more than 12 years.

“Jumbo Capital is excited to bring the success it has had with revitalizing over two million square feet of suburban assets to the downtown Boston market,” said Jay Hirsh, managing partner of Jumbo Capital Management. “50 Congress Street provides an excellent canvas to create an upscale and inviting feel while restoring many of the historic features of the property”.
“Downtown Boston is one of the strongest office markets in the United States with a vacancy rate that continues to remain very low and rents that are on the rise,” said Ben Sayles, director at HFF.  

“Being located just steps from Post Office Square and directly across from the future headquarters of Digitas/Publicis Groupe at Congress Square, 50 Congress Street occupies an irreplaceable position within the urban core.”

Ben Sayles
The HFF investment sales team representing the seller was led by Coleman Benedict, Christopher Phaneuf and Ben Sayles.

Along with the sale, HFF has also been retained by the buyer to secure acquisition financing, which is being led by Lauren O’Neil.

 Founded by Peter Bren and Charles J. Schreiber Jr. in 1992, KBS is one of the nation's preeminent buyers of commercial real estate and structured debt investments. 

In August 2014, KBS was ranked by Institutional Real Estate, Inc. and Property Funds Research as among the top real estate investment managers globally, and in December 2016, National Real Estate Investor ranked KBS the ninth-largest office owner globally. 

KBS has a strong reputation in the industry for efficient and timely closing on large and complex transactions in the office, industrial, multifamily and retail sectors. KBS also originates and acquires debt positions collateralized by stabilized and value-added properties.

KBS Realty Advisors has created six institutional commingled funds, 14 separate accounts with public and corporate pension funds and five sovereign wealth funds. KBS Capital Advisors was formed in 2006 as the exclusive advisor for KBS' publicly registered non-traded REITs, which are designed to give individual investors the ability to invest in a similar type of real estate as KBS pension fund and institutional partners.

 Jumbo Capital Management, LLC (“Jumbo Capital”) is a privately held, value focused, commercial real estate investment firm located in Quincy, MA. The firm was founded in 2009 by Jay Hirsh, who left Boston-based New Boston Fund, Inc. to pursue investment opportunities brought about by the “great recession”. 

Christopher Phaneuf
Jumbo has since grown to over 30 employees with leadership having a combined 80+ years of commercial real estate experience. Jumbo Capital invests in all property types and focuses on a range of transactions from $5-$300 million. Currently, the firm manages over 3 million square feet of commercial real estate in the Greater Boston area.

 Guggenheim Real Estate, a division of Guggenheim Partners, was formed in 2002 and manages approximately $1.5 billion of client assets invested across a wide spectrum of U.S. commercial real estate. GRE’s direct property investments include 9.1 million square feet of office, industrial, retail and multi-family property throughout the United States.

Guggenheim Partners is a global investment and advisory firm with more than $260 billion in assets under management and over 2,300 employees based in more than 25 offices around the world.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF closes sale of Glenwood Plaza in Raleigh-Durham, NC

Glenwood Plaza Office Building, 3605 Glwnwood Avenue,  Raleigh-Durham, NC

Ryan Clutter
 CHARLOTTE, NC, May 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Glenwood Plaza, a 133,905-square-foot, Class A office building in Raleigh-Durham, North Carolina.

HFF marketed the property on behalf of the seller, American Realty Advisors, and procured the buyer.

Glenwood Plaza is situated on a ground lease across 8.8 acres at 3605 Glenwood Avenue, along the prestigious Glenwood Avenue corridor in West Raleigh.  

This “inside the beltline” location has superior regional connectivity via Glenwood Avenue/Highway 70 and Interstates 440 and 40, and easy access to Carolina Country Club, Crabtree Valley Mall, Downtown Raleigh, NC State University and PNC Arena.

 The five-story, fully leased property is anchored by BB&T Corporation and also functions as the headquarters for the law firm Manning, Fulton and Skinner, PA. 

The HFF investment sales team representing the seller was led by director Scot Humphrey, senior managing director Ryan Clutter and associate director Chris Lingerfelt.

Chris Lingerfelt
“Glenwood Plaza is one of the premier office buildings in the Raleigh market,” said Humphrey.  “The prestige of this location, coupled with the robust economic growth occurring in Raleigh-Durham right now, generated a significant amount of investor interest in the offering.”

“We anticipate institutional interest will continue to intensify across the region over the balance of the year as the market’s fundamentals continue to outperform other peer markets,” added Humphrey.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

BLT Enterprises Expands San Diego, CA Footprint; Acquires Industrial Building in North San Diego for $9 Million

Bernard Huberman
SAN DIEGO, CA (May 30, 2017) – BLT Enterprises has acquired a 60,000 square-foot industrial building in the North San Diego submarket of Carlsbad, California from El Cedro, LLC for $9 million. As part of the transaction, El Cedro leased-back the entire property for three years. 

This acquisition comes on the heels of BLT’s recent purchase of a 71,000 square-foot flex industrial building in Kearny Mesa, which brings the firm’s holdings in San Diego to more than 600,000 square feet, according to Bernard Huberman, Founder and President of BLT Enterprises.

“These recent acquisitions complement our current holdings in San Diego, which includes properties in Sorrento Mesa, Carlsbad and Kearny Mesa,” says Huberman. 

“We continue to focus on these core submarkets due to their low vacancy, high demand, and significant barriers to entry.  In fact, we are about to break ground on a state-of-the-art 63,000 square-foot industrial building in Kearny Mesa.”

 San Diego’s combined industrial/R&D ended the first quarter of 2017 at 4.9 percent according to a report by Colliers.

“We see an opportunity to make significant improvements to this property to drive tenant demand and capture competitive rental rates as the lease rolls,” says Huberman. “Until such time, the sale-leaseback structure allows us to enjoy stabilized cash flow as we plan the property upgrades.”

Ron Jacobson
Located in the premier Carlsbad Research Center, the property is adjacent to McClellan-Palomar Airport, and features 26’ warehouse clear heights, 10’ x 10’ truck well loading doors, 12’ x 12’ ground level doors, 180 parking spaces, and a secured gated loading area.

Comprised of a two-story lobby with a mix of private and open area offices, the property is located at 5940 Darwin Court in Carlsbad, California.

Ron Jacobson of SD Realty Partners represented BLT Enterprises as the buyer in this transaction.  The seller, El Cedro, LLC, was represented by David Steffy of Palomar Commercial.

For a complete copy of the company’s news release, please contact:

Elisabeth Manville / Lexi Astfalk
Brower, Miller & Cole
(949) 955-7940

SummerHill Apartment Communities Celebrates Completion of Villas on the Boulevard Apartment Community in Santa Clara, CA

Villas on the Boulevard, 2615 East El Camino Real, Santa Clara, CA

Robert Freed
SAN RAMON, CA -SummerHill Apartment Communities, a division of SummerHill Housing Group and a leader in providing quality, smart growth, multi-family rental housing and mixed-use developments, recently celebrated the completion of Villas on the Boulevard, a new 186-unit luxury residential rental community located at 2615 East El Camino Real in the City of Santa Clara, Calif.

“We are very excited to open our latest multi-family project in the heart of Silicon Valley,” said Robert Freed, CEO of SummerHill Housing Group. “We are grateful for our collaboration with the City of Santa Clara, who made this new community possible.” 

Located steps from shopping and restaurants, Villas on the Boulevard includes a mix of one- and two-bedroom luxury apartment homes ranging in size from 758 to 1,378 square feet. The well-appointed apartment homes are energy- and water-efficient and include expansive windows, a gourmet kitchen with stainless steel ENERGY STAR® appliances and European-style cabinetry, wood-style flooring, quartz countertops, spacious kitchen pantry, in-unit full-size washer and dryer, large walk-in closets, private storage units and balconies or patios.

Villas on the Boulevard also includes alternative transportation amenities such as electric vehicle charging stations, a resident carpool web portal and secure bicycle storage and repair facilities. Other amenities include a resident lounge with an entertaining kitchen, cyber café, conference room, state-of-the-art fitness center, resort-style swimming pool with a spa, poolside cabanas, outdoor kitchen with lounge seating and fireplace, green space for recreation, and a pet spa with washing station and grooming table.

Manny Gonzalez
According to Freed, the amenity courtyards provide a series of outdoor “rooms” for residents to gather and socialize. The main courtyard adjacent to the club and fitness rooms includes the pool, spa and BBQ area. 

A breezeway connects residents to a second courtyard with an outdoor kitchen and amenities, living room with a fireplace, and a bocce ball court. 

Additional amenities include a nearly half-acre pedestrian promenade and a fitness par course along the side of the building creating a buffer to the existing single-family neighborhood. 

Designed by international award-winning KTGY Architecture + Planning, Villas on the Boulevard features a four-story residential building over a one-story partially subterranean garage. As part of the development, SummerHill widened the sidewalk and added street trees and landscaping, and tiled stoops leading to the apartment homes. The apartment community’s new public plaza highlights the adjacent Saratoga Creek and a new crosswalk constructed on El Camino Real to give residents safe access to the neighborhood shopping center across the street.  

"We designed The Villas on the Boulevard in Mission style architecture that the City of Santa Clara and El Camino are known for,” said Manny Gonzalez, FAIA, LEED AP and principal at KTGY in Los Angeles. “We took great care to address the adjacencies of the property by introducing ground-floor stoops along the El Camino frontage in order to bring more pedestrian scale to the building along El Camino and stepping the back portion of the building down in scale with the goal of minimizing privacy impacts on the existing single-family homes.”

For a complete copy of the company’s news release, please contact:

Anne Monaghan


Monday, May 29, 2017

AVANI Hotels & Resorts Set to Launch in New Zealand

Metropolis AVANI Residences, Auckland, New Zealand

Bangkok, THAILAND -- AVANI Hotels & Resorts, currently with a portfolio of 18 hotels and resorts in 12 countries across Asia Pacific, the Middle East, Africa and Europe, has announced the acquisition of the Metro Suites business in Auckland, New Zealand.

In a deal worth over NZD 11 million, the Metro Suites business currently operates in the luxury 40-storey tower and will be transformed through a major room refurbishment programme. Upon completion in October 2017, the property will be rebranded as Metropolis AVANI Residences, signalling the AVANI brand’s debut in New Zealand.

Alejandro Bernabe
Alejandro Bernabe, Group Director AVANI Hotels & Resorts, said, “We are delighted to reach agreement with the Metropolis body corporate to secure this hotel business in the very strong Auckland hotel market, as well as launch our AVANI brand into New Zealand.

“Metro Suites presented itself as a compelling acquisition opportunity to expand our foothold within the Asia Pacific region, and we look forward to introducing the AVANI brand into this market later this year following a significant refurbishment programme.”

Located in Auckland on New Zealand’s North Island, the 370-key property was built in 1999 at a reported NZD 180 million and occupies a prime CBD position in the ‘City of Sales’ – the country’s largest and most populated city.

Auckland is renowned as New Zealand’s leading urban hub, while still retaining the splendor of the country’s remarkable natural landscape, fusing scenic harbours, breathtaking volcanic cones and lush rainforest.

The soon-to-be Metropolis AVANI Residences is within easy walking distance to the vibrant waterfront precinct and positioned in close proximity to some of Auckland’s most popular cafes, eateries and entertainment venues, including Vector Arena and Sky Tower.

Launched in 2011, AVANI offers all the details that matter, blending genuine hospitality and modern lifestyle features with a passion for design.

Each of the property’s one and two bedroom apartments will be transformed as part of the revitalisation programme. Rooms will feature spacious living and dining areas, well-equipped kitchens and laundry facilities, and will offer stunning views over the city skyline, harbour and beyond. Leisure facilities include a 22-metre heated swimming pool, indoor and outdoor spas, a sauna, gymnasium with male and female facilities, and steam room.

AVANI Hotels & Resorts is part of Minor Hotels which already has a presence in New Zealand through the Oaks Hotels & Resorts brand where it currently operates two resorts in Queenstown.

For a complete copy of the company’s news release, please contact:

Hwee Peng Yeo
Vice President
Glodow Nead Communications
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